UPS CFO Newman provides details on new deal with the Teamsters

UPS and the International Brotherhood of Teamsters have ratified a new five-year contract that covers more than 300,000 UPS employees. The agreement includes wage and benefit increases, the creation of more full-time jobs, and workplace protections and agreements. UPS Chief Financial Officer Brian Newman said the contract provides the best pay and benefits in the industry while allowing the company to implement technology to drive productivity. The contract is effective from August 2023 to July 2028, with costs increasing at a 3.3% annual growth rate. It also gives priority to part-time employees to become seasonal delivery drivers, improving work-life balance.

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Frequently Asked Questions

Q: What is the new deal between UPS and the Teamsters?

A: The new deal is a five-year contract between UPS and the Teamsters. It was formally ratified recently. source

Q: How long is the new contract between UPS and the Teamsters?

A: The new contract between UPS and the Teamsters will last five years. source

Q: What is the cost of the new labor deal between UPS and the Teamsters?

A: According to UPS CFO Brian Newman, the new labor deal with the Teamsters will cost less than $30 billion. The exact cost is not specified in the search results. source

Q: How does the new deal impact UPS's delivery services and costs?

A: The new Teamsters labor contract with UPS is expected to increase costs and expand delivery services. However, the specific details and impact on UPS's delivery services are not provided in the search results. source